Tycoon Pallonji Mistry eyes $1 billion via 30% share sale in solar unit

The solar unit, which provides engineering, procurement and construction services, will generate Rs 95 billion of revenue for the year ended March 2019

India’s Shapoorji Pallonji Group plans to seek about $1 billion by bringing outside investors into its solar unit, as it embarks on a series of asset sales across the 153-year-old conglomerate to reduce debt.

The group, owned by reclusive billionaire Pallonji Mistry, will sell as much as 30 per cent in the solar engineering arm of Sterling & Wilson Pvt, said Jai Mavani, executive director at conglomerate’s flagship company. The funds would be raised through a pre-listing stake sale followed by a public offering.

A separate listing of Eureka Forbes Ltd., the water purification unit of publicly-traded Forbes & Co.,